Indaptus Therapeutics halted all enrollment in its cancer drug studies earlier this year and has no active clinical programs left. By March, a group of buyers that included Sino Lion Ventures Limited had purchased control of the company from its previous owner, according to an S-3 filed with the SEC on August 17. In August, those new controlling shareholders registered nearly 59 million shares for resale — against a free float of under 10 million.
Shares closed 46.81% higher at $1.3800 on August 20, on dollar volume of about $14.7 million across 35,504 trades, after the company filed the resale registration statement.
For existing holders, the disproportion is the point. The free float is 9,863,406 shares. The shares now registered for resale are roughly six times that number. The company receives nothing from any of those sales — all proceeds go to the selling stockholders identified in the prospectus.
The control shift happened in stages, the S-3 states. In December 2025, investor David Lazar bought preferred stock from Indaptus for $6 million and became its chairman and co-chief executive. Three months later, Lazar sold those preferred shares to Yun Yao, Sino Lion Ventures Limited, Junyi Dai, Ting Yang, and Lina Deng for $11.2 million. Immediately after, the five buyers held approximately 96.2% of the company's outstanding common stock. Junyi Dai became chief executive and chairman. Lazar resigned from all board positions by June 5, 2026; the filing says his departure was not based on any disagreement with the company.
The 58,895,000 shares now registered for resale came from two places. About 38.9 million were issued when the earlier preferred stock converted into common shares. The remaining 20 million shares were sold in June 2026 at $0.60 each to seven non-U.S. accredited investors for gross proceeds of $12 million, the S-3 states.
As of the filing date, the S-3 states that Indaptus has no active clinical development programs and no patients remaining in any Decoy20 study. The company says it is evaluating strategic alternatives, including potential acquisitions and research collaborations. One initiative it has already started is a research collaboration with Kunming University of Science and Technology in neurological research and sleep — a long way from the cancer immunotherapy the company was built around.